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USD/JPY. The price remains in a sideways range.

USD/JPY. The price remains in a sideways range. | 08 February 2024

08 February 2024, USD/JPY

USD/JPY. The price remains in a sideways range.

During the last trading day, the price did not demonstrate any attempts either to decline or to move upwards. It remained within the previously reached range and gradually consolidated here. This correction may take some time, after which buyers may attempt to push the price higher and return to the highs of last year.
The question is how this will happen. If it turns out to be a zigzag, as it is currently considered, then consolidating, let alone moving higher, will not be possible. The direction of movement will quickly reverse by 180 degrees, and the price will head downwards.
However, if the upward movement can quickly surpass the indicated highs, we may see the continuation of the bullish trend with new highs reached.
Given the unlikely occurrence of sharp movements during the nearest trading day, it's better to remain neutral observers for now.
Investment idea: Flat.
Bob Stan
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